New Minnesota business filings dip in 2013 - Bring Me The News

New Minnesota business filings dip in 2013

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Minnesota had fewer new business licenses in 2013 than the previous year, but Secretary of State officials say it was still the third-highest total ever.

“This is a positive signal of Minnesota’s continued economic growth and employment opportunities,” Secretary of State Mark Ritchie said in a news release. “Our state has a healthy environment for business and we hope to see this growth continue in 2014.”

In all, 58,260 new Minnesota businesses were filed in 2013, a dip from 60,827 last year.

Only two years had more filings: 2009 and 2012. Minnesota business filings back to 2004:

2004 — 49,559
2005 — 50,649
2006 — 50,666
2007 — 55,782
2008 — 55,137
2009 — 63,338
2010 — 55,223
2011 — 51,723
2012 — 60,827
2013 — 58,260

A drop in new business filings runs counter to other recent indicators that suggest a strengthening state economy, Finance & Commerce noted last fall.

Economists with the Federal Reserve Bank of Minneapolis this week said they are expecting moderate growth in the state’s economy in 2014 (although don't get too excited about a raise).

The Minnesota unemployment rate has dropped to 4.6 percent, compared to 7 percent nationwide, according to recent figures.

And in real estate, fewer homeowners are under water and there have been fewer foreclosures.

Related

Ritchie: Minnesota business filings up for fifth straight month

New business filings in the state for 2012 are up for the fifth straight month compared to the previous year, Minnesota Secretary of State Mark Ritchie announced Saturday. Ritchie also said the number of out-of-state businesses incorporating in the state is up 3.2 percent from 2011.

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